OFI Invest Asset Management Buys New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 157 shares of the software maker’s stock, valued at approximately $46,000.

Several other hedge funds also recently modified their holdings of the stock. Amundi boosted its position in shares of Cadence Design Systems by 14.2% during the fourth quarter. Amundi now owns 1,567,662 shares of the software maker’s stock valued at $474,315,000 after buying an additional 194,563 shares during the last quarter. Dorsey & Whitney Trust CO LLC boosted its position in shares of Cadence Design Systems by 2.2% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 5,402 shares of the software maker’s stock valued at $1,623,000 after buying an additional 116 shares during the last quarter. Rialto Wealth Management LLC purchased a new position in Cadence Design Systems in the fourth quarter worth $150,000. Lifeworks Advisors LLC purchased a new position in Cadence Design Systems in the fourth quarter worth $226,000. Finally, Arjuna Capital purchased a new position in Cadence Design Systems in the fourth quarter worth $255,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock worth $33,504,126. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $233.96 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 52-week low of $231.51 and a 52-week high of $328.99. The firm has a market cap of $64.13 billion, a price-to-earnings ratio of 60.61, a PEG ratio of 3.88 and a beta of 1.05. The business’s fifty day moving average is $287.32 and its 200 day moving average is $285.16.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on CDNS shares. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Bank of America cut their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler boosted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.